Prepping for a Cryptocurrency World: China Edition

over the last12 months, the cryptocurrency market took a chain of heavy punches from the chinesegovernment. The market took the hits like a warrior, but thecombinations have taken its toll in many cryptocurrency traders. The marketplace lackluster overall performance in 2018 pales in contrast to its stellar thousand-percentgains in 2017. CryptoNomi

What has occurred?

seeing that 2013, the chineseauthorities have taken measures to modify cryptocurrency, butnot anythingin comparisonto what turned into enforced in 2017. (check out this article for a detailedanalysis of the legitimatenotice issued by usingthe chinese languagegovernment)

2017 changed into a banner 12 months for the cryptocurrency market with all the attention and growth it has finished. the extremeprice volatility compelled the relevantbank to undertakegreaterintense measures, including the ban of initial coin services (ICOs) and clampdowns on domestic cryptocurrency exchanges. soon after, mining factories in China werepressuredto close down, citingimmoderatepowerconsumption. Many exchanges and factories have relocated remote places to avoidguidelinesbut remained on hand to chinesetraders. despite the fact that, they nevertheless fail to break out the claws of the chinese Dragon.

in thetrendyseriesof government-led efforts to monitor and ban cryptocurrency tradingamongstchinesetraders, China prolonged its “Eagle Eye” to monitorforeign cryptocurrency exchanges. organizations and bankdebts suspected of sporting out transactions with overseas crypto-exchanges and relatedactivities are subjected to measures from proscribing withdrawal limits to freezing of money owed. There have even been ongoing rumors the variouschinesenetwork of extraintense measures to be enforced on foreignplatforms that allowbuying and sellingamongstchinesebuyers.

“As for whether or not there may befurther regulatory measures, we canmustlook forward to orders from the highergovernment.” Excerpts from an interview with teamleader of the China’s Public statisticscommunityprotectionSupervision business enterpriseunder the Ministry of Public safety, twenty eighth February

WHY WHY WHY!?

believe your toddlermaking an investment his or her financial savings to spend money on a digital product (in this example, cryptocurrency) that he or she has no way of verifying its authenticity and value. he or sheought to get lucky and strike it wealthy, or lose all of itwhile the crypto-bubble burst. Now scale that to hundreds of thousands of chineseresidents and we arespeakmeabout billions of chinese language Yuan.

The market is full of scams and needless ICOs. (i amsureyou’ve got heard news of human beings sending coins to random addresses with the promise of doubling their investments and ICOs that virtuallydo not make sense). Many unsavvy traders are in it for the cash and would care lessapproximately the technology and innovation at the back of it. The fee of many cryptocurrencies is derived from marketspeculation. all through the crypto-boom in 2017, participate in any ICO with either a well-knownmarketing consultant onboard, a promising crew or a decent hype and you areguaranteedat the least 3X your investments.